お知らせ • Dec 16
Commercial Metals Company (NYSE:CMC) completed the acquisition of Foley Products Company from The Concrete Company, FPC ManagementCo, LLC, Ragweed Capital, LLC, Oaktree Huntington Investment Fund II AIF (Delaware), L.P. and Oaktree Capital Management, L.P.
Commercial Metals Company (NYSE:CMC) entered into a Securities Purchase Agreement to acquire Foley Products Company from The Concrete Company, FPC ManagementCo, LLC, Ragweed Capital, LLC, Oaktree Huntington Investment Fund II AIF (Delaware), L.P. and Oaktree Capital Management, L.P. for $1.8 billion on October 15, 2025. A cash consideration of $1.84 billion will be paid by Commercial Metals Company, on a debt free, cash free basis, subject to customary purchase price adjustments. As part of consideration, $1.84 billion is paid towards common equity of Foley Products Company. The transaction is expected to be immediately accretive to earnings per share and free cash flow per share. Concurrently with the execution of the Purchase Agreement, CMC entered into a commitment letter with Bank of America, N.A., BofA Securities, Inc. and Citigroup Global Markets Inc. pursuant to which, Bank of America and Citi agreed to provide to the Company (i) a 364-day senior unsecured bridge facility in an aggregate principal amount of up to $1.85 billion and (ii) a senior secured revolving credit facility in an aggregate principal amount of $600 million. The purchase price represents a multiple of 10.3x Foley's forecasted 2025 EBITDA. Commercial Metals Company will be required to pay a termination fee of $64.8 million following a termination of the Purchase Agreement. On October 31, 2025, a 364-day senior unsecured bridge facility and senior secured revolving credit facility was subsequently eliminated in connection with the amendment and restatement of the Commitment Letter. On November 12, 2025, Commercial Metals Company will issue $2 billion aggregate principal amount of senior unsecured notes in an offering. The proceeds will be used to fund the acquisition.
The transaction has been approved by board of CMC and Foley Products Company, and is subject to approval by regulatory board / committee, expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 and other customary closing conditions. The Company expects the Closing to occur in December 2025.
Garrett DeVries, Eric Williams, Alison L. Chen, Niki Dost, Wells W. Miller, Juan S. Sanchez, Lauren Leyden, Jon M. Chatalian, Alexandra M. Johnson, Melissa J. Schwartz, Alexis G. Guinan, Natasha G. Kohne, Michael S. Miller, David C. Lee and Alex Agahzadeh of Akin Gump Strauss Hauer & Feld LLP acted as legal advisor for Commercial Metals Company. Moelis & Company LLC acted as financial advisor for Commercial Metals Company. Steven Stokdyk and Sean Denvir of Latham & Watkins LLP acted as legal advisor to Oaktree Capital Management, L.P., and Gardner Davis, John Wolfel, Ryan McNulty and Joseph F. Bernardi of Foley & Lardner LLP acted as legal advisor to Oaktree Capital Management, L.P. and The Concrete Company. On October 16, 2025, it was announced that Truliance Consulting, LLC provided operational due diligence for Commercial Metals Company. Evercore LP acted as financial advisor to Oaktree Capital Management, L.P.
Commercial Metals Company (NYSE:CMC) completed the acquisition of Foley Products Company from The Concrete Company, FPC ManagementCo, LLC, Ragweed Capital, LLC, Oaktree Huntington Investment Fund II AIF (Delaware), L.P. and Oaktree Capital Management, L.P. on December 15, 2025.